Notes will be convertible into common shares at C$0.16 per share
By Angela McDaniels
Tacoma, Wash., Feb. 25 - Diagnos Inc. plans to sell up to 125 units for a total of C$1.25 million in a non-brokered private placement.
Each unit will consist of a 10% two-year convertible note with a principal amount of C$10,000 and 50,000 warrants.
Interest on the notes is payable semiannually in cash or, at the holder's option, in shares. The conversion price for the notes is C$0.16 per share.
Each warrant will be exercisable for one share at a price of C$0.095 for two years.
The conversion price and the warrant strike price are 88.2% and 11.8% premiums, respectively, to the company's closing share price on Feb. 24.
Beginning one year after issuance, the company can force conversion of the notes, in whole or in part, into shares at the market price of the securities if the market price is at least C$0.16 per share.
The warrants are exercisable in whole and not in part. Similarly, each note is convertible in whole and not in part.
The proceeds will be used for business development, product development and general corporate purposes.
Diagnos provides technologies that combine contextual imaging and traditional data mining to customers in the fields of health care and natural resources, among others. The company is based in Brossard, Quebec.
| Issuer: | Diagnos Inc.
|
| Issue: | Units of one C$10,000 note and 50,000 warrants
|
| Amount: | Up to C$1.25 million
|
| Units: | Up to 125
|
| Note maturity: | Two years
|
| Note coupon: | 10%
|
| Note conversion price: | C$0.16
|
| Warrants: | For 50,000 shares per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.095
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 25
|
| Stock symbol: | TSX Venture: ADK
|
| Stock price: | C$0.085 at close Feb. 24
|
| Market capitalization: | C$6.62 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
